U.S. stocks mostly rose on Friday, with the Dow finishing at a record, as investors welcomed Alibaba's market debut and Scotland's vote to remain in the U.K.
"It's a combination of Alibaba coming to market as well as the election in Scotland; there was underlying concern that that may not go well," said Paul Nolte, senior vice president, portfolio manager at Kingsview Asset Management.
Just over 55 percent of Scottish voters supported sticking with the nation's 307-year union with the U.K. after Prime Minister David Cameron vowed to give additional policy-making powers to Scotland.
Alibaba surged in in the Chinese online retailer's U.S. trading debut after the company raised nearly $22 billion in an initial public offering, the largest IPO ever.
"Investors were clearing some space to buy Alibaba," said Nolte, noting selling in technology shares earlier in the week.
"Now we'll get back to what passes for normal," he added.
Oracle shares dropped, a day after co-founder Larry Ellison stepped down as CEO; Concur Technologies jumped after SAP said it would buy the company for about $7.4 billion and Apple wavered before finishing 0.8 percent lower on the first day of sales of its iPhone 6 and iPhone 6 Plus.
Friday's session also brought a quarterly scenario known as quadruple witching, with futures and options contracts on indexes as well as individual stocks expiring. The event would likely lead to increased trading volume, but probably not so much volatility, Nolte said.